EX-12 2 exh12.htm EXHIBIT 12 - FINANCIALS Exhibit 12 - Financials
EXHIBIT 12

 
                     
Ratio of earnings from continuing operations to fixed charges and preferred stock dividends
 
                       
                       
   
Twelve months
 
Twelve months
 
Twelve months
 
Twelve months
 
Twelve months
 
   
ended
 
ended
 
ended
 
ended
 
ended
 
   
Dec. 31
 
Dec. 31
 
Dec. 31
 
Dec. 31
 
Dec. 31
 
   
2006
 
2005
 
2004
 
2003
 
2002
 
                       
                       
Income from continuing operations
   
370,027
   
334,479
   
337,244
   
344,707
   
193,533
 
Income taxes from continuing operations
   
221,122
   
203,291
   
210,128
   
187,252
   
105,505
 
Net income from continuing operations before income taxes
   
591,149 
   
537,770 
   
547,372 
   
531,959 
   
299,038 
 
                                 
Adjustments to earnings (from continuing operations):
                               
    Fixed charges
   
198,479
   
205,270
   
212,427
   
227,853
   
223,689
 
     Capitalized interest
   
(1,905
)
 
(2,826
)
 
(762
)
 
(488
)
 
(1,230
)
     Preferred stock dividend requirement, before tax
   
(617
)
 
(643
)
 
(614
)
 
(614
)
 
(614
)
Earnings from continuing operations, as adjusted
   
787,106
   
739,571
   
758,423
   
758,710
   
520,883
 
                                 
Fixed charges from continuing operations:
                               
    Interest expense
   
195,957
   
201,801
   
211,051
   
226,751
   
221,845
 
     Capitalized interest
   
1,905
   
2,826
   
762
   
488
   
1,230
 
     Preferred stock dividend requirement, before tax
   
617
   
643
   
614
   
614
   
614
 
        Total fixed charges
   
198,479
   
205,270
   
212,427
   
227,853
   
223,689
 
                                 
Ratio of earnings from continuing operations to fixed
                               
charges and preferred stock dividends
   
3.97
   
3.60
   
3.57
   
3.33
   
2.33